I run a 7.5hp idler motor with a Phasecraft panel ($200) and the unit is very quiet as she idles on. This same motor was purchased back in 2000 when I built my first RPC system. The motor was sourced at a local motor shop for $50.00. Apparently the owner had it rebuilt and never picked it up so they sold it to me for what they had in parts. If your set on a RPC, then call Phasecraft and get the parameters for a motor that will work well with his system. He also balances the legs based on the motor you have (capacitors).
A word of caution, I have also purchased a Phoenix converter ("turn key 7.5 hp") and it worked fine, but much too noisy. Many folks assume all RPC are noisy (many are) but if you follow the recommended parameters such as RPM, service factor etc and a good quality motor mounted on isolators, you can achieve a quiet RPC system. The Howell Idler motor I'm running is all cast construction continuos duty. Since I had the motor, I called Phasecraft and he sold me the control panel custom tweaked for my motor parameters. After install, I was pleased to see all three legs are balanced +/- 3%. I operate nine different machines with no problems, two of the nine machines also utilize VFD's for more control but receive power from the RPC. My first RPC system cost me $800 in parts so I'm conferable recommending Phasecraft.
I ran dedicated conduit with #8 wire to all machine locations including ceiling drops. The larger wire size allows me to extend the system if I acquire another machine without amperage drop. The entire system is on a dedicated 40 amp breaker. I have ran the system for hours on end operating differant machines and the motor only gets warm to the touch.
If you are only running a lathe or mill, I would highly recommend a VFD for each machine (Hitachi quality) for maximum benefits of control. If your planning on powering other 3ph fabrication machines such as iron worker, benders, cold saws etc, then a RPC would be most cost effective IMO.